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SERVICES REV DROP DENTS SILVERSUN 1Q Featured

SilverSun Technologies, parent of reseller SWK Technologies, saw 30.3-percent increase in product sales offset by a 5.2-percent drop in services revenue for the first quarter ended March 31.

The company said software growth came primarily from sales for Acumatica and bodes well for future services revenue. In its earnings announcement, SilverSun said regarding services revenue: “the decrease is mainly attributed to lower consulting, primarily as a result of having to train new but inexperienced employees, who were hired to accommodate our growth as well as a decrease in maintenance revenues." SilverSun lost $40,646 for the most recently ended quarter, a  swing from earnings of $354,679 a year ago. Net bottom line was affected by stock-based compensation of $45,945, compared to $922 in the same category in the first quarter 2021. Revenue rose 1.3 percent to slightly more than $11 million from $10.9 million in last year’s corresponding period. Product sales for the quartered totaled $2.6 million, compared to slighty more than $2 million a year ago. Services revenue was $8.4 million, down from $8.9 million a year earlier

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